first mortgage

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first mortgage

A security interest in property which takes precedence over all similar interests in the same property.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
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NCB's Senior Vice President Sheldon Gartenstein arranged a total of $8.8 million in loans during August, including a $3 million first mortgage and a $500,000 line of credit for a 124-unit co-op located at 69-40 Yellowstone Boulevard in Forest Hills, N.Y.; a $2.9 million first mortgage and a $500,000 line of credit for a 36-unit co-op located at 165 Duane Street in Manhattan; a $1.3 million first mortgage for a 61-unit co-op located at 6535 Broadway in Bronx, N.Y.; and a $500,000 first mortgage and a $200,000 line of credit for a 7-unit co-op located at 248 Lafayette Street in Manhattan.
Howe arranged a total of $22.3 million in loans during July, including a $4.75 million first mortgage for The Madison Court, a 96-unit co-op located at 1787 Madison Avenue in Manhattan; ; a $3.5 million first mortgage and a $500,000 line of credit for a 79-unit coop located at 3299 Cambridge Avenue in Bronx, NY; a $3 million first mortgage and a $200,000 line of credit for a 77-unit co-op located at 133-159 Smith Street in Freeport, NY;
NCB's senior vice president Sheldon Gartenstein arranged a total of $19.3 million in loans during May including the largest deal of the month, an $8.5 million first mortgage and a $750,000 line of credit for a 312-unit coop located at 250-55 46th Avenue in Bayside, NY.
During April, NBC's senior vice president Sheldon Gartenstein arranged a total of $16.7 million in loans, including a $2.5 million first mortgage and a $750,000 line of credit for a 189-unit co-op located at 83-75 Woodhaven Boulevard in Woodhaven, NY; a $2.2 million first mortgage and a $500,000 line of credit for a 34-unit co-op located at 135 Willow Street in Brooklyn Heights, NY; a $2.2 million fourth pledge of carrying charges for The Ansonia, a 398-unit condominium located at 2109 Broadway in Manhattan.
NCB's senior vice president Sheldon Gartenstein arranged a total of $28.5 million in loans during February, including the largest deal of the month, a $9.6 million first mortgage and a $1 million line of credit for the Forest Green Apartments, a 252-unit co-op located at 2433 Union Boulevard in Islip, NY.
Howe arranged a total of $34 million in loans during January, including the largest deal of the month, a $12.5 million first mortgage and a $5 million line of credit for a 1,106-unit co-op located at 97-07 63rd Road in Rego Park, NY.
NCB's senior vice president Mindy Goldstein arranged a total of $22.7 million in loans during December, including the largest deal of the month, a $13 million first mortgage and a $1 million line of credit for a 622-unit co-op located at 11 Riverside Drive in Manhattan.
NCB's senior vice president Mindy Goldstein originated a total of $17.6 million in loans in November, including a $16 million first mortgage and a $500,000 line of credit for Cherokee Owners Corp., a 383-unit co-op located at 509/515 East 77th Street; 517/523 East 77th Street; 508/514 East 78th Street; 516/522 East 78th Street in Manhattan.
Other loans arranged by Gartenstein included an $8 million line of credit plus an additional $5 million line of credit for Castle Village, a 586-unit co-op located at 120 Cabrini Boulevard in Manhattan; a $3.5 million first mortgage and a $1 million line of credit for a 39-unit co-op located at 16 East 96th Street in Manhattan.
Howe originated the largest loan of the month with an $11.5 million first mortgage and a $3.5 million line of credit for a 528-unit co-op located at 1 Burbank Street in Yonkers, NY.
"Whether Boards are moving ahead with capital improvement projects or refinancing existing debt, NCB is increasingly the lender of choice in the Tri-State area." Among the deals closed, Howe originated an $8.3 million first mortgage for a 462-unit co-op located at 5610-5650 & 5615-5645 Netherland Avenue in Riverdale, NY; a $4.5 million first mortgage for Elmhurst Towers, a 160-unit co-op located at 81-11 45th Avenue in Elmhurst, NY; a $3.6 million first mortgage and a $500,000 line of credit for a 107-unit co-op located at 3103 Fairfield Avenue in Riverdale, NY; a $2.8 million first mortgage and $500,000 line of credit for a 99-unit co-op located at 2 Bronxille Road in Yonkers, NY.
Among the investments that the fund made were a nearly $3 million first mortgage to Malmstrom of Colts Neck, N.J., which was paid off in March; $1.3 million first mortgage to Industrial Rivet of Northvale, N.J., which was paid off in March; a $2.5 million mezzanine loan to Sea South Holdings of Toms River, N.J., which was paid off in June and; a $4 million secured corporate loan to CMB Additives, which has offices in New York, Kentucky and Louisiana.